Tesla's stock sees biggest one-day drop ever
Tesla shares plunged by 21 percent on Tuesday in the biggest one-day loss ever for the stock, CNBC notes. Tesla shares soared recently ahead of the electric-car company's recent 5-to-1 share split, with its market value surpassing that of some leading rival automakers, including Toyota and Volkswagen. But Tesla's fortunes reversed after the committee that adds companies to the S&P 500 index passed over Tesla on Friday, picking up e-commerce site Etsy and automatic test equipment maker Teradyne instead.
Many investors expected Tesla to make the cut this quarter after reporting its fourth straight profitable quarter in July. The stock dropped by 7 percent in after-hours trading on Friday after the news broke, and U.S. markets were closed Monday for the Labor Day holiday.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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